Pros and cons of locking into a 20-year mortgage

If a longer term appeals, there are a number of things to consider before taking the plunge

Before you sign on the dotted line for a fixed-term mortgage, you need to consider what you might be giving up by fixing for so long. File photograph: Getty

Before you sign on the dotted line for a fixed-term mortgage, you need to consider what you might be giving up by fixing for so long. File photograph: Getty

Long-term mortgage rates have never really taken off in Ireland, despite their popularity elsewhere. In fact, the only mortgage rate with a term of more than 10 years available on the market is the Rebuilding Ireland home loan, which allows homebuyers to borrow at terms ranging from 25 to 30 years.

Now however, in a major market innovation, Finance Ireland is next month introducing a 20-year product, while Avant Money has also brought a competitive 10-year rate to the market.

The Irish Times
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